Easier way to manage multiple item permissions/tags, etc

Currently using 1.7.6 back-end.
Unless there’s something I’m unaware of, if you want to change the permission or edit (for example) the tags or duration for a lot of items uploaded, you have to do it to each item individually.
Say I’ve just added 50 new photos to the library, I now have to click on the permissions and edit function on each individual item. This is quite time consuming.

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This is a very high priority feature i would like to see added as soon as possible.
I’m managing a display where several text items needs to be updated and modified or just corrected.
What about a standard set of options that can be applied in a single click to a group of items?

Sorry to revive old thread. I also need to do a permissions update, but I have discovered that if you work with groups and change default permissions on layout and media (preferences -> permissions) on 1.8, you should be able to minimize needs for a bulk update.
I just tested it, and works as expected on 1.8.2.